header-logo header-logo

12 December 2022
Issue: 8007 / Categories: Legal News , Regulatory , Banking
printer mail-detail

City reforms to abolish ring-fencing of retail banking

The requirement to ring-fence retail banking from investment activities, which was introduced following the 2008 financial crash, is to be abolished.

The reform, which applies to companies with assets below £35bn, is part of a package of 30 ‘Edinburgh reforms’ announced by the chancellor in the Scottish capital last week. Others include giving regulators the Financial Conduct Authority and the Prudential Regulation Authority new secondary objectives of growth and competitiveness, reviewing the senior managers and certification regime, and relaxing fund-raising restrictions on building societies so they can compete with retail banks.

Chris Hayward, policy chair at the City of London Corporation, described the reform package as ‘positive news for financial services’, while James Watkins, head of policy at the London Chamber of Commerce and Industry, said they were ‘broadly supportive’.

However, shadow city minister Tulip Siddiq said: ‘Reforms such as ring fencing and the senior managers regime were introduced for good reason.’

Issue: 8007 / Categories: Legal News , Regulatory , Banking
printer mail-details

MOVERS & SHAKERS

Jurit LLP—Caroline Williams

Jurit LLP—Caroline Williams

Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

Freeths—Michelle Kirkland Elias

International hospitality and leisure specialist joins corporate team as partner

Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
back-to-top-scroll